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Gross domestic product rose at a 1.8% yearly rate in the first quarter, not the 2.4% estimated a month ago, the Commerce Department said. GDP revisions are customary, but economists were surprised the cut was so big. Figures for spending on nonresidential buildings and consumer items were revised down in the most recent calculation, the agency said.

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Gross domestic product rose at a 1.8% yearly rate in the first quarter, not the 2.4% estimated a month ago, the Commerce Department said. GDP revisions are customary, but economists were surprised the cut was so big. Figures for spending on nonresidential buildings and consumer items were revised down in the most recent calculation, the agency said.